BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK) announced its Board has initiated work intending to propose that a shareholders meeting decides to split the Group into two listed companies, Electrolux for household appliances and Electrolux Professional for professional appliances, and to distribute Electrolux Professional to the shareholders of AB Electrolux in 2020.
Electrolux stated that if the shareholders decide in favor of such a proposal, its shareholders will receive shares in Electrolux Professional in proportion to their shareholding in AB Electrolux. The intention is to list Electrolux Professional on Nasdaq Stockholm during the first half of 2020.
Also, the company announced it is revising business area structure to create four consumer-focused regional business areas. The Home Care & SDA business area, currently responsible for Electrolux offering of vacuum cleaners and other products for wellbeing in the home, is being combined with the four current major appliances business areas. Electrolux said it will publish first quarterly report based on the updated business area structure on April 26, 2019.
Electrolux also announced a new organizational structure, headed by a Group Chief Experience Officer (CXO), which is globally responsible for areas such as marketing, design, product lines, digital consumer solutions and ownership experience. Ola Nilsson, currently head of Home Care & SDA, has been named Group CXO and Executive Vice President.
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